$116MM in Norway Drilling Backlog Goes to Transocean

Transocean Ltd. reported Wednesday that it has won $116 million in Norway contracts for two of its harsh-environment semi-submersible rigs.

$116MM in Norway Drilling Backlog Goes to Transocean

One of the contracts secures the Transocean Barents for two wells for an approximately 200-day duration, Transocean noted in a written statement emailed to Rigzone. The company pointed out that it expects the contract to commence in February 2022 and add an estimated $60 million in firm contract backlog.

Adding an estimated $56 million in firm backlog will be an approximately 200-day contract for the Transocean Norge rig, Transocean continued. The four-well contract, which includes five one-well options, is projected to commence next March, the company stated.

According to Transocean’s latest fleet status report on April 28, 2021, the Transocean Norge was under contract to Equinor (NYSE: EQNR) offshore Norway until this month at a $297,000 dayrate. The report also states the Transocean Barents is contracted to MOL Norge (OTCMKTS: MGYOY) until December of this year at a $270,000 dayrate.

The Transocean Norge and Transocean Barents can operate in up to 10,000 feet (3,048 meters) of water, according to the drilling contractor. The firm states the maximum drilling depths for the Transocean Norge and Transocean Barents are 40,000 feet (12,192 meters) and 30,000 feet (9,144 meters), respectively.

Transocean did not identify which companies awarded the new rig contracts.

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